Morning Examiner: The Hopeless Obama Recovery 

Around the Bigs: The expectations for this morning’s Labor Department report on job creation are extremely low following a week’s worth of bad economic news. But analysts still predict a tick down in unemployment as more and more Americans lose hope and stop looking for work all together.

New York Times: Moody’s Investors Service warned Thursday that it might review the United States AAA debt rating if the debt limit is not raised “in coming weeks.” Jackie Calmes and Carl Hulse report: “Both sides seized on Moody’s statement to reinforce their bargaining positions, with Republicans demanding that President Obama get more serious about deep spending cuts and Democrats saying that Republicans are risking a financial crisis in pursuit of an ideological agenda.”

Washington Post: In an op-ed, National Commission on Fiscal Responsibility and Reform co-chairs Alan Simpson and Erskine Bowles tout the Gang of Six as the best shot at a long-term debt deal: “[R]eports of the group’s death have been greatly exaggerated. The other five — Sens. Mark Warner (D-Va.), Saxby Chambliss (R-Ga.), Kent Conrad (D-N.D.), Mike Crapo (R-Idaho) and Dick Durbin (D-Ill.) — continue to meet, and [Sen. Tom] Coburn has made it clear that he has not left the group but, rather, is on a ‘sabbatical.’”

Washington Post: Ahead of this morning’s jobs report, Neil Irwin reports: “Economists surveyed by Bloomberg expect employers to have added 170,000 jobs in May, compared with 244,000 in April. Forecasters also expect the unemployment rate to tick down, to 8.9 percent from 9 percent in April.”

Associated Press: No matter what today’s jobs numbers show, Paul Wiseman reports that the real story on this recovery is the number of Americans who have given up hope of finding a job: “The labor force — those who have a job or are looking for one — is getting smaller, even though the economy is growing and steadily adding jobs. That trend defies the rules of a normal economic recovery. Since November, the number of Americans counted as employed has grown by 765,000, to just shy of 139 million. … But the number of Americans counted as unemployed has shrunk by much more — almost 1.3 million — during this time. That means the labor force has dropped by 529,000 workers.”

Wall Street Journal: Fiat CEO Sergio Marchionne coordinated feverishly with Treasury officials this week to close a deal allowing Fiat to buy the American taxpayers remaining 6% stake in Chrysler. This will allow President Obama to announce the deal at a Chrysler automobile assembly plant in Toledo, Ohio, today.

ABC News: Jake Tapper reports that Speaker John Boehner, R-Ohio, will introduce a resolution today, that would inform the president he has two weeks, until the Pentagon Appropriations bill comes up, to either: “a) Ask for authorization for the military intervention in Libya, or b) Figure out how to disengage the US from the NATO operation in Libya.”

Fox News: According to a Congressional Research Service report obtained by Fox News, the U.S. spent $1.4 billion on foreign aid to 16 countries that then bought $10 billion in U.S. debt.

Associated Press: The AP becomes the latest news organization to point out Democrat falsehoods on the Ryan plan. Under the header, “Democrats distort GOP Medicare plan,” Calvin Woodward reports: “The Ryan plan raises plenty of questions about costs to the elderly over time and the adequacy of care. … But Wasserman Schultz and some other Democrats who accuse the GOP of wanting to “end Medicare” have skipped past the complicated crux of that debate, instead attacking provisions that do not exist.”

Elections 2012:
Ryan: House Budget chairman Paul Ryan, R-Wisc., will deliver a foreign policy address to the Alexander Hamilton Society tonight in Washington. The Weekly Standard reports “Ryan will insist the United States maintain its leading role in the world by addressing the growing debt and entitlement spending crises.”

And on Fox News’ Neil Cavuto’s show last night, Ryan seemed to open the door to a presidential run: “Look, I think I want to see how this field develops. … You know I was hoping Mitch Daniels would get into the race. He obviously didn’t do that. But there’s such a long way to go. Obviously I believe Republicans need to retake the White House.”

Romney: Former Alaska Gov. Sarah Palin stepped all over former Massachusetts Gov. Mitt Romney’s presidential announcement yesterday, telling supporters at Bunker Hill: “In my opinion, any mandate coming from government is not a good thing, obviously, and I am not the only one to say so. But obviously there will be more explanation coming from Governor Romney for his support of government mandates. … I think that he’ll have maybe a bit more challenges with independents who make up the tea party movement, wanting to make sure we are not going to — we won’t have any excuses or perceived political reasons to grow government.”

Bachmann: Rep. Michele Bachmann, R-Minn., has not officially announced she is running, but CNN has confirmed she will be participating in their New Hampshire debate on June 13th.

GOP Field: Most of the announced GOP field will be speaking at this weekend’s Faith and Freedom Coalition Conference. Tony Perkins, president of the Family Research Council, outlined what he wanted to hear: “They have to understand the interconnectedness between the fiscal issues that are at the forefront of the debate and the underlying social issues that contribute to our fiscal problems.”

Righty playbook:
RedState‘s Erick Erickson endorses former Texas Solicitor General Ted Cruz for U.S. Senate explaining: “Today, FreedomWorks and Club For Growth both decided to endorse Ted Cruz. This afternoon, there are strong rumors that Michael Williams will instead run for one of the newly drawn House seats. I stand with FreedomWorks and Club For Growth. Ted Cruz is the conservative we need in the United States Senate.”

The Corner‘s Jay Nordlinger catches The New York Times scrubbing the following quote from their story announcing that Jill Abramson will be the paper’s next editor: “In my house growing up, The Times substituted for religion. If The Times said it, it was the absolute truth.” The quote was there before, and many read it, but now it is gone.

The Corner‘s Andrew Stiles posts the transcript from Florida Senate President and U.S. Senate GOP primary candidate Mike Haridopolos’ appearance on Ray Junior’s radio show. Junior eventually drops Haridopplos after he refused to give a straight answer on how he would vote on the Ryan plan. But later, a spokesman confirmed Haridopolos would vote no.

Lefty playbook:
Talking Points Memo reports that House Democrats emerged from their White House meeting with Obama “determined not to cave” on taxes. The sentiment on the left that tax hikes on the rich must be part of any debt-reduction package is growing.

ThinkProgress warns that Indiana “may lose all Medicaid funds” if Gov. Mitch Daniels enforces the state’s “illegal law to defund Planned Parenthood.” Daniels has made it clear he is not running for president. But if he was, a very public fight with Obama, Donald Berwick, and ThinkProgress over taxpayer funding of abortion would be a dream issue for any primary candidate.

Daily Kos‘ David Jarman looks at Public Policy Polling’s latest results from Ohio and likes what he sees: Sen. Sherrod Brown, D, leads all Republican challengers by at least 18 points. Polling the GOP primary, PPP also finds that former Ohio Secretary of State Ken Blackwell leads Republican Study Committee Chair Jim Jordan 40 – 12.

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